Charity Number.. 1200532 Trustees Report and Financial Statements For the year ended 31 December 2024 Money Advice St Neots Charitable Incorporated Organisation Money Advice St Neots Contents Page Trustees, annual report Independent Examiner report Statement of financial activities Balance Sheet Notes to the financial statements Money Advice St Neots Trustees, annual report About Money Advice St Neots Money Advi￿ St Neots was set up to provide relief of financial hardship through the provision of debt counselling and other money advice services free of charge to people in St Neots and the surrounding area. Money Advice St Neots works with and is supervised by the national charity Communty Money Advice (Charity number 11114361 to provide the debt advice service. Money Advi￿ St Neots is authorised and regulated by the Financial Conduct Authority (Registration number 809318). The charity was set up on 5 August 2022 and was incorporated on 29 September 2022. The orrespondence address is Highfield House, Drewels Lane, Eynesbury HardwiGke. St Neots, Cambridgeshire, PE19 6XW. Reference and administrative information Money Advice St Neots is a charitable incorporated organisation, CIO (charity number 1200532). The trustees who have served through the year of this report are.. Mr Jonathan Tame- Chairman Dr Alan Mccormick Mrs Kathryn Pickering - Treasurer Mrs Jacqulyn Isaac Mr Trevor Single (resigned 19 March 2024) Bankers.. Co-OP8rative Bank Business, PO Box 250, Skelmersdale, WN8 6 Independent examiner.. Mrs Jessica Jones Structure. Governance and Management Money Advice St Neots is a CIO (Charitable incorporat8d organisation) and is registered with the Charity Commission of England. The method of appointment of the trustees is set out in the statutes. The governing document is in the fomi of a Constitution, adopted 5 August 2022. Aims and objectives The objertives are set out fomally in our constitLrtional document.. 'The relief of financial hardship for the publiG benefit by churches in St Neots through the provision of debt counselling and other money advice services free of charge to people in St Neots and the Su￿ound1ng area which they would otherwise not be able to afford through lack of means.. Our aim is to help people to get OLrt of debt and to live a debt free lrfe. We want to see anyone struggling with debt to work towards a good outcome so they are able to manage or clear their debts. We also want people we have supported to manage their money more effectively, maximising their income options and minimising their spending so they are enabled to prioritise how they spend their money. Money Advice St Neots Public Benefit ststement Money Advi￿ St Neots offers free debt advi￿ and budgeting coaching for all who seek our help. The trustees have had due regard to the Charily Commission's guidance on public benefit and we do not discriminate or judge when meeting and assisting clients. Anyone from outside of our local area would not be denied help, but where appropriate would be signposted to another similar organisation closer to them. Activities and performance of the organisation As of 31 December 2023, Money Advice St Neots was funding and supporting Love's Farm Communty Money Advice, which had been set up by Love's Fami Community Church in 2018. On 2 January 2024 the name registered with the FCA was Changed from Love's Fam Community Money Advice to Money Advice St Neots and the charity took over full management of the debt advice service and budgeting coaching. We have had three paid members of staff doing debt advice. one of whom is also the centre manager. We have three active volunteer advisers as well. All our team have also received training in budget coaching and we are trying to encourage clients seeking debt advice to also receive budget coaching. We are looking at ways to run more budget waching courses or workshops. One of our debt advisers attends three of the foodbanks in St Neots during the week and provrdes drop-in advice seNice for foodbank users. On Thursday, we run a weekly drop in Se￿iCe at Citizen Hub in St Neots. The Trustees meet four times a year. The Trustees are mindful of the need for an awareness of Safeguarding in our work. This includes training our personnel to follow best practice in their own conduct as well as to be aware of potential issues in the Itves of clients who may be vulnerable adults. or in the lives of children in their family. Jacqulyn Isaac is the Trustee Responsible for Safeguarding and the Designated Person for Safeguarding {DPS). No safeguarding concems were raised during the year. Financial review During this year, donations to the charity plus various grants weren't sufficient to cover all its expenses. However due to having enough brought forward reserves, the deficit of £2,634 was covered by some of the reseNes. The charity's income for the year was £46.595 (2023: £40,076) and expenses came to £49,229 {2023.' £29,248). The balan￿ of funds at 31 December 2024 was £8,194 (2023.. £10,828), with £4,691 (2023: £4,523) béing restricted funds. Reserves policy It is the trustees reserves policy to maintain a balance on unrestricted funds (if possible), which equates to at least three months unrestricted paymenls, equivalent to £12,307, to cover emergency situations that may arise from time to time. The balan￿ of £3,503 held on unrestricled funds, after designations, at the year end is lower than the target so the aim is to increase this during 2025 by actively seeking additional funding, to not just increase the reserve level but to grow the service that we can provide. The balance of £4,691 in the restrr¢ted funds is made up of £4,666, being the balance carried forward of the Trussell Trust grant and £25 balance remaining from the Huntingdon District Council grant. Money Advice St Neots Going concern ststement At present the reserves are lower than the reserve policy which could cause doubts regarding the going concem of the charity. However, we have secured £10,000 from the Town Council for 2025, and have received assurances that some funding from the Trussell will continue. Further grants and donations are being explored. If, however, the funding is not re￿iVed to cover the expenditure of the charty, then employees, working hours will be reduced until there are SLfficient funds to cover the ongoing costs of the charity. Therefore, the trustees have a reasonable expectation that the charity has adequate resources to continue for the foreseeable future. For this reason, they continue to adopt th& going concem basis in preparing the accounts. Audit exemption statement Due to the gross income being less than £1million and Sin￿ the gross assets are less than £3.26million, the charity is exempt from needing an audit. The trustees have chosen an independent examination to be carried out, since the gross income is over £25,000. Statement of responsibilities of the Trustees The Charities Act 2011 requires the trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of ￿SOurceS of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently-, • observe the methods and principles in the Charities SORP 2005,. make judgments and accounting estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subj'ect to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concem basis unless it is inappropriate to do so. The twstees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial posrtion ofthe chanty and enable them to ensure that the financial statements cornply with the Charities Aot 2011. They are also responsible for safeguarding the assets of the charty and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. and signed on its behalf by Jonathan Tame (Chairman of the Trustees) Money Advice St Neots Independent Examiner report Registered CIO 1200532 I report to the charity trustees on my examination of the accounts of the CIO for the year ended 31 December 2024. Responsibilities and basis of report As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the CIO'S accounts carried out under section 145 of the Act. In carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examinerfs statement- no matters of concern identified I have completed my examination. I confirm that no material matter5 have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept as required by section 130 of the Act,. or the accounts do not accord with those records- or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Report51 Regulations 2008 other than any requirement that the accounts Eive a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Name.. Jessica Jones Relevant professional qualificationlsl or membership.. ICAEW member 9249011 Address.. 6 South Road, Amersham, Bucks., HP6 5LX Date.. 9.3.LS Money Advice St Neots Statement of financial activities For the year ended 31 December 2024 2024 Total 2023 Totsl Unrestrictsd Restricted Income Donations Grant incorne Gtft aid Help fund giving 6,150 6,150 38,570 100 1.775 11,516 26,855 1.325 380 38,570 100 1,775 Total income 6,250 40,345 48,595 40,076 Expendituro Salaries and other related costs Community Money Advi￿ affiliation Training Room hire ICO data protection fee Stationery and postage Telephone Websrte and IT costs Advertising Travel CMA conferen Insolvency fees DBS checks Credit reports Help fund Gifts and subsistence Insuran 5,150 1,250 37,427 42,577 1,250 360 221 35 611 40 219 416 272 615 225 202 100 1.556 37 493 24,260 1,200 1,080 149 35 361 20 149 360 221 35 611 40 219 416 272 615 225 437 180 420 202 100 1,550 302 188 467 37 493 Total expendlture 9,052 40,177 49,229 29,248 Net (outgoingyincomlng resour¢es before transfers (2,802) 168 (2,634) 10.828 Transfers between funds Net movement in funds (2,802) 168 (2,634) 10.828 Funds carried forward at 1 January 2024 6,305 4,523 10,828 Funds carried forward at 31 De￿rnber 2024 3,503 4,691 8,194 10,828 All amounts relate to continuing activities Money Advice St Neots Balance Sheet as at 31 December 2024 2024 2023 Notes Currnnt assets Cash at bank and in hand 9.075 10,828 Total current assets 9,075 10,828 Liabilities- amounts falllng due within one year 881 Net current assets 8,194 10,828 Net assets 8,194 10.828 Funds Unrestricted 3,503 6,305 Restricted 4,691 4,523 8,194 10,828 Approved by the trustees on I AF:. :'l.£oLf and signed on rts behaff by Jonathan Tame (Chaiman of the trustees) Money Advice St Neots Notes to the financial statements Accounting pollcies These financial slatements of the charity have been prepared on a going concern basis and on behalf of the trustees in accordance wilh the Accounting and Reporting by Charities- Statement of Recommended Practice SORP {2005) together with applicable arKounting standards and the Charities Act. They have been prepared under the historiGal cost convention. Incoming Rosources Recognition of incoming resouros These are included in the Statement of Financial Activities (SOFA) when.. the charity becomes entilled to the resources the trustees are virtually ￿rtain they will receive the resources,. and the monetary value can be measured with sufficient reliability. Grants and donations Grants and donations are only included on the SOFA when the charity has unconditional entitlement to the reSoUr￿s. Volunteer help The value of any voluntary help re￿iVed is not included in the accounts bul is described in the trustees, annual report. Expenditure and Liabilitlas Liability recognition Liabilities are reGognised as soon as there is legal or ¢onstructive obligation committing the charity to pay out resources. Governance costs Include costs of the preparation and examination of statutory acGounts, the costs of trustee meetings and cost of any legal advi￿ to trustees on governan￿ or constitutional matters. Support costs Support costs include central functions and have been allocated to activity cost categories on basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per ¢apita, staff costs by the time spent and other costs by their usage. Assets Tangible fixed assets for use by the Gharity These are capitalised if they Gan be used for more than one period, and cost at least £500. They are valued at cost or, if gifted, at the value to the charity on receipt. Unrestricted funds represent the funds of the CIO that are not subject to any restrictions regarding their use and are available for application on the general purposes of the CIO. Restricted funds represent those rec8ived for specific purposes as specified by the donors. Endowment funds are those where there is a requirement imposed by the donor to retain capilal, but which allows income to be used. Money Advice St Neots Notes to the financial statements Govornance costs There were no govemance related costs in the current period. Employee emoluments Average staff numbers in year to 31 December 2024 were 3 (2023: 3) wtth emoluments totalling £41.712 (2023.. £24,260). This includes £19,968 (2023.. £6,398) for one of the trustees who was paid for the work as the centre manager and debt adviser. Creditors 2024 2023 HMRC payment due in January 2025 relating to 2024 Accrual for expenses relating to 2024 810 71 881 Restrictsd Funds Balance at 1 Incomlng Resources Balance at 31 January 2024 resources expended December 2024 Trussell Twst AGts 435 Community Money Advice St Neots Town Council Huntingdonshire District Council 4,523 27,570 1,175 600 10,000 1,000 127,427) {1,175) (600) {10,000) {975) 4,666 25 4,523 40,345 {40.177) 4,691 In 2024, £27,570 was received from the Trussell Trust for Money Advice St Neots for wages and other running costs, £4,666 has been carried forward to 2025. In 2024, £1.175 was received from various grants from the Gharity, Acts 435, which is a crowd funding website which raises money for families in need. The money was used in the year for various items for clients. In 2024, £600 was received from Community Money Advice towards a bankruptcy fee, h¢)wever due to a change in the rules around a debt relief order, particularly the increase in debts that could be included in a DRO, a DRO was submitted instead of a bankruptcy, and the money was retumed to Community Money Advice. In 2024. £10,000 was received from St Neots Town Council towards wages and running costs for the new CitFzen Hub drop in service project. The money was used in the year. In 2024, £1,000 was re￿iVed from Huntingdonshire District Council towards training and £25 was carried forward to 2025. Money Advice St Neots Notes to the financial statements Grants No unrestricted grants were received in the period. Details of restricted grants can be found in note 5. Related party transactions During the period, one Trustee was paid £19,968 {2023: £6,398) for their work as the debt advice cèntre manager and debt adviser. One Trustee received expenses reimbursed of £442 (2023: £5). During the year £600 was received as a donation from Love's Fami Community Church (Charity number 1165671). This is a charity which had common trustees with Mast up to 31 December 2024 (one in common since then), and one of Mast's employees is also a Trustee of Love's Fam Community Church {2023'. £2,217 was paid to Love's Farm Community Church for salaries of staff involved in running Mast). During the year £200 was ￿ce[ved as a donation from St Neots with Eynesbury PCC (Charity number 1195248). This is a Charity which has a common trustee with Mast.